Mr. Dan Matlow reports
VITALHUB ANNOUNCES MULTI-YEAR SALE TO SOUTH TEES NHS FOUNDATION TRUST
Vitalhub Corp. has noted the recent sale of subsidiary Intouch with Health's digital health platform to South Tees NHS Foundation Trust.
This sale is a large three-year contract comprising a combination of capital and recurring licensing fees and further demonstrates customer confidence in the company's solutions, having been made swiftly after the implementation of a proof-of-concept agreement.
The trust serves a patient population of 1.5 million, spanning across Tees Valley and North Yorkshire. Employing approximately 9,300 staff, South Tees is one of the largest employers in the Tees Valley region. South Tees' expertise comes in the domain of heart disease, cancer, trauma, neurosciences, renal (kidney) services and spinal injuries. Additionally, the trust is a major trauma centre with two hospitals in Middlesbrough and Northallerton.
This sale postdates a 12-month proof-of-concept agreement between the company and the trust, initiated only four months ago. Within the short proof-of-concept period, the trust was thoroughly impressed with Intouch's solutions, noting its ability to meet performance objectives of increased clinical efficiency, financial performance and patient experience.
Specifically, the flow manager, e-outcomes and resource manager solutions were identified as immensely powerful tools that help optimize operational outcomes. The result is a quick turnaround in an accelerated procurement and sale process. Accordingly, the trust will benefit from Intouch's platform's ability to help reduce elective care backlog, improving operational visibility and efficiency. The sale will be operational in all trusts across the ICS (integrated care system) once the project is completed, in the next six to eight months.
The trust is purchasing a host of software and hardware solutions from the company. The software will include the flow manager, check-in, calling, room and resource manager, activity manager, e-outcomes, mobile appointment manager, wait times and HL7 integration to PAS (prior authorization support) systems. The hardware will include 23 kiosks and 35 calling screens. The corresponding benefits to the trust will include greater financial performance and patient experience. By improving its room utilization, record keeping and preplanning of activities such as X-rays and blood tests, patient flow will increase while patient queues decrease.
"We are delighted to expand and grow our relationship with South Tees through the addition of this substantial contract," said Dan Matlow, chief executive officer of Vitalhub. "With South Tees as an existing Vitalhub customer, this sale serves as another example of the effectiveness of our synergistic M&A [mergers and acquisitions], demonstrating the success of our cross-selling strategy. We continue to see considerable room for organic growth across the market continuing to add to our baseline of recurring revenue."
Vitalhub provides technology to health and human service providers, including; hospitals, regional health authorities, mental health, long-term care, home health, community and social services. Vitalhub solutions span the categories of electronic health record (EHR), case management, care co-ordination, patient flow and operational visibility, and DOCit mobile apps.
The company has a robust two-pronged growth strategy, targeting organic growth opportunities within its product suite and pursuing an aggressive M&A (merger and acquisition) plan. Currently, Vitalhub serves 275-plus clients across Canada, the United States, the United Kingdom, Australia, Qatar and Latvia. Vitalhub is based in Toronto, Canada, with an offshore development hub in Sri Lanka. The company is publicly traded on the TSX Venture Exchange under the symbol VHI.
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